The student pilot said he was too fast and had touched down too long on the runway when he saw the airplane would not be able to stop in the distance remaining. He applied full power to go-around and the airplane became airborne at the end of the runway with an airspeed of about 55 knots. The airplane's wing struck trees at the airport boundary and directional control was lost. The airplane continued about 300 feet to the left of the runway centerline, impacted terrain and other obstructions before coming to rest in the back yard of a residence. There was an immediate postimpact fire. The student pilot was able to exit the airplane without assistance.